Elucidate the meaning of homotheticity of preferences
Descriptive question about Homothetic function, Indifference curve, Substitution effect and Utility function.
Elucidate the meaning of homotheticity of preferences also its implication for the shape of income expansion paths.
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These customers n types of chocolate in quantities qit i = 1,..., n. His preferences are captured by the function where q, is the quantity consumed of chocolate of type z.
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